Pakistan seeks fresh investment as Aurangzeb meets...

Summary

• Bangkok / Islamabad: Finance Minister Senator Muhammad Aurangzeb has held a series of meetings with international investors, major banks, development institutions and foreign officials to attract investment to Pakistan, strengthen access to international financial markets and promote reforms aimed at boosting exports, creating jobs and supporting private sector growth.
• During engagements on the sidelines of the World Bank Group and International Monetary Fund Annual Meetings in Bangkok on October 13, Aurangzeb highlighted Pakistan’s progress towards economic stability, including improved government finances, stronger foreign exchange reserves, consecutive primary budget surpluses and upgrades in the country’s credit ratings.
• The Finance Minister also met Imad Fakhoury, International Finance Corporation Regional Vice President for the Middle East and Central Asia, to discuss ways to increase private sector investment, develop businesses and create jobs.

AI Generated Summary

Bangkok / Islamabad: Finance Minister Senator Muhammad Aurangzeb has held a series of meetings with international investors, major banks, development institutions and foreign officials to attract investment to Pakistan, strengthen access to international financial markets and promote reforms aimed at boosting exports, creating jobs and supporting private sector growth.

During engagements on the sidelines of the World Bank Group and International Monetary Fund Annual Meetings in Bangkok on October 13, Aurangzeb highlighted Pakistan’s progress towards economic stability, including improved government finances, stronger foreign exchange reserves, consecutive primary budget surpluses and upgrades in the country’s credit ratings.

He said Pakistan had regained access to international capital markets through private placements and the issuance of Panda bonds and Eurobonds. The government aims to build on these developments by continuing reforms in taxation, energy, state owned enterprises and public finance while moving towards investment and export led economic growth.

At an investor roundtable organised by Barclays, Aurangzeb participated alongside State Bank of Pakistan Governor Jameel Ahmad. The Finance Minister outlined the government’s economic reform agenda and highlighted opportunities for investment, including privatisation, the outsourcing of airport operations and interest from foreign investors in electricity distribution companies.

He also pointed to a strong pipeline of initial public offerings, or IPOs, which allow companies to sell shares to the public for the first time. The meeting examined Pakistan’s economic outlook and the potential for greater investment as reforms continue. Aurangzeb invited the State Bank governor to discuss inflation trends, monetary conditions and stability in the external sector. The session ended with questions from participants.

The Finance Minister also participated in a panel discussion titled “Mitigating Sovereign Risks in Market Access Countries”. The discussion focused on how countries that borrow from international financial markets can manage their debts and reduce the risk of financial difficulties.

Aurangzeb highlighted Pakistan’s efforts to reduce inflation, improve government finances and rebuild foreign exchange reserves. He said the government was working to increase tax revenue, improve tax administration, control unnecessary spending and advance privatisation to strengthen the economy.

He outlined measures to reduce borrowing costs, extend loan repayment periods and lower the risk of having to repay or refinance large amounts of debt at the same time. He said renewed access to international markets provided an opportunity to improve the structure of Pakistan’s external debt without increasing its overall size.